Satisfying the Bill Pay Mobivore: Three Ingredients for a Compelling Mobile Billing and Payment Experience
For a growing number of consumers, the smartphone is the only device they use to access digital services, from online browsing and shopping to receiving and paying bills. Whether they're on the go or on their sofa, these mobile-only consumers – or "mobivores" – want to quickly pay who they owe and get on with their lives.
The number of mobile-only consumers is growing rapidly. In fact, last year marked the first time U.S. bank customers interacted with their banks through the mobile channel more than any other means, according to a 2014 study by Bain & Company. And no surprise, the overall number of mobile bill payers grew in 2014 as well – by 69 percent among online households, according to the Seventh Annual Billing Household Survey.
What can financial institutions do to better serve the bill pay mobivore? Here are three key ingredients.
1. Make It Simple
Mobile-only consumers expect to find the same or similar functionality on their mobile devices that they would find on a desktop, but it must be a simple, compelling mobile experience. Think straightforward navigation that enables consumers to easily and seamlessly view and pay bills in just a few clicks. In addition, mobivores expect non-registered bill pay options, which can also facilitate quick, one-time payments – and help overcome password fatigue.
2. Provide Self-Service Options
When mobile bill presentment and payment activities are simple and easy to use, mobivores are more than happy to help themselves. According to the Seventh Annual Consumer Billing Household Survey from Fiserv, 60 percent of consumers said being able to pay bills with their mobile devices would increase their satisfaction with a biller – a benefit that is likely heightened for the mobile-only user. Billers that provide these enhanced options stand to see gains not only in customer satisfaction, but also in cost reductions from decreased call center volumes and in-person transactions.
3. Go Paperless
Asking people to go to a mailbox to receive a statement or a bill doesn't make sense for those who only want to use their smartphone to access and manage their money. A digital lifestyle simply doesn't lend itself to paper processes. Establish paperless delivery as a default when customers sign up for mobile banking and bill pay. Target e-bill and e-statement marketing messages to mobile-only consumers, who will likely be happy to use electronic bill pay and turn off paper statements – another cost savings strategy for billers.
Interested in learning more about the care and feeding of the bill pay mobivore? Read the Fiserv white papers The Rise of the Mobivore: Serving the Mobile-Only User and A 360-Degree View of Mobile Billing and Payment: Consumer Preferences and Billers' Strategic Response.